20 Nov 2015
Strong FY15 results and prospects remain positive
Avon Rubber reported FY15 profits in line with our forecasts (which we increased by c.10% at the year end update), with 20% growth in adjusted PBT and a 30% increase in DPS. Prospects remain positive for both divisions in terms of contract wins and market share gains, supplemented by cross-selling opportunities from recent acquisitions. Our PBT and EPS forecasts are unchanged, but our target price has increased from 1040p to 1100p, just above the current share price. Hold.
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Strong FY15 results and prospects remain positive
Avon Protection PLC (AVON:LON) | 1,192 143 1.0% | Mkt Cap: 360.7m
- Published:
20 Nov 2015 -
Author:
Jo Reedman -
Pages:
5
Avon Rubber reported FY15 profits in line with our forecasts (which we increased by c.10% at the year end update), with 20% growth in adjusted PBT and a 30% increase in DPS. Prospects remain positive for both divisions in terms of contract wins and market share gains, supplemented by cross-selling opportunities from recent acquisitions. Our PBT and EPS forecasts are unchanged, but our target price has increased from 1040p to 1100p, just above the current share price. Hold.